Fine & Country MD Petitions Central Bank Over $97,000 Overdraft Claim, Files Appeal

The managing director and chief executive officer of Fine & Country West Africa, Mrs  Udokanma Okonjo, has petitioned the Central Bank of Nigeria (CBN) over claims she owed Providus Bank unpaid overdraft $97,000.

She described the allegation as false, unsubstantiated, and a gross violation of due process.

In the petition letter signed by her counsel, Barrister Sunny Omoragbon, and seen by LEADERSHIP,  Udokanma Okonjo said  the case, currently on appeal, arose from the bank’s unilateral re-classification of a debit-card account as a credit facility, without consent, agreement, or documentation.

The dispute stems from a Providus Bank claim that Mrs Okonjo operated and failed to repay an overdraft facility.

The Federal High Court, Lagos, had ruled in favour of the bank but reduced the interest rate to 10 per  cent.

However, Okonjo, through her counsel, has appealed, asserting that no such facility existed and that the judgment was based on incomplete or misleading information.

Omoragbon stated that “Mrs Okonjo never requested, negotiated, or signed for any overdraft facility.

“The so-called debt is a construct of arbitrary charges imposed without contractual authority or transparency.”

He further revealed that more than 70 per cent of the disputed amount comprises unapproved interest and charges, and that a Motion for Stay of Execution has already been filed pending hearing on October 28, 2025.

Beyond the financial dispute, Omoragbon condemned the alleged pattern of harassment and unprofessional communication from bank officials, citing multiple threatening WhatsApp messages from a Providus Bank staff member, Olayinka Lawuyi, of the bank’s Risk Management department.

According to him, One such message, dated July 4, 2024, read: “Do you want your indebtedness on social media? If I do not see your payment within the next week, we shall commence full recovery, which you might find embarrassing.”

Omoragbon described this as “a blatant act of intimidation and reputational bullying,” in clear violation of Central Bank of Nigeria’s Consumer Protection Guidelines and basic standards of professional banking communication.

He added that Okonjo’s only action prior to the threats was a formal written request for clarification, dated March 18, 2024, asking the bank to provide documentation, transaction history, and contract evidence for a debt she did not recognise.

“A customer has the right to seek clarification,” he emphasised. “To weaponise such a request with threats of public embarrassment is unethical and unacceptable in any financial system.”

Omoragbon also noted correspondence from the same bank official admitting that “you do not have corresponding amount in your account,” while at other times the account officer suggested that funds were paid into Mrs Okonjo’s account by Walter Akpani, the managing director, or other bank staff, a practice he described as irregular and confusing.

He said the defense will pursue redress not only through the courts but also through petitions to the Central Bank of Nigeria, Consumer Protection Council, and other regulatory bodies, urging a thorough review of the bank’s handling of customer accounts and communications.

“This case is no longer just about one client,” Omoragbon stated. “It raises fundamental questions about transparency, consent, and accountability in Nigeria’s banking sector. No customer should be subjected to intimidation or unconsented financial exposure.”

Industry observers believe the appeal could set an important precedent on contractual consent, consumer rights, and the limits of banks’ discretionary powers in managing client accounts.